People selling their home should instruct a conveyancer when they put their house on the market, and not wait until an offer has been accepted, says Move with Us.
Research undertaken by Move with Us, among its network of independent estate agents, found that 84 per cent of home movers instruct a conveyancer once an offer on a property had been accepted.
Move with Us says that this slows down their home move but the research showed that those who were legally prepared much earlier on in the process are able to move home on average 11 days faster.
Instructing a conveyancer early on in the transaction can also help to reduce fall through rates and ensures that agents’ pipelines are converted quickly and efficiently. Half of estate agents also believe that getting customers legally prepared earlier in the transaction will be the most effective way for them to keep up with an improving marketplace.
In addition, 85 per cent of estate agents in the network estimate that the Help to Buy scheme will increase sales in their region by up to 30 per cent. Therefore, ensuring that transaction times are kept to a minimum is particularly pertinent in today’s improving property market as higher numbers of transactions are putting extra pressure on timescales.
Robin King, director at Move with Us, said: “A combination of improved market confidence and more lenders getting behind the Help to Buy scheme is already attracting more buyers and as a result of this conveyancers are experiencing higher than normal transaction levels.
“Estate agents can speed up transaction times and ensure their pipelines are turning more quickly by ensuring all their vendors are legally prepared early in the transaction. This means that as soon as a buyer is found, contracts can be issued within 48 hours which also helps to minimise fall through rates.”
